look news india
Total Energy stops new investment in Adani Group: French multinational company Total Energy has also prepared to separate from Adani Group. In America, a fine of Rs 50,000 has been imposed on eight officials including Gautam Adani of Adani Green Energy Limited of Adani Group. After allegations of bribery and fraud worth Rs 2,200 crore, Total Energy has taken a big decision and announced that it will not invest in Adani Group companies in future.
Total Energy said in a statement, ‘We have a zero-tolerance stance on bribery in the United States. Not only this, our company has decided not to make any new investment in any company of Adani Group. Until a clear picture of the allegations against Adani Group emerges, Total Energy will not make new investments in Adani Group companies.
We are unaware of Adani’s other interests: Total Energy
Total Energy said, ‘We are unaware of any alleged wrongdoing and bribery by Adani Group. He has not made any contact with any official in this matter.
Notably, Total Energy holds a 19.75 percent stake in Adani Green Energy and a 50 percent stake in three joint ventures that manage renewable energy assets.
Investment claim is subject to the policy
The French company had invested in Adani Green Energy and Joint Ventures following strict rules. It has been claimed that Total Energy had no knowledge of any alleged corruption and bribery by Adani Group during this investment.
Big blow to Adani Group
Adani Group has suffered a big blow due to this announcement of the French company. As Adani Group seeks to establish its dominance as a global leader in the renewable energy sector, Total Energy’s decision not to invest in the future could challenge its ambitions. Total Energy has been a strategic partner and investor in Adani group companies in 2020. Adani Group has not given any clarification on this statement of Total Energy.